I think the security point that shouldn't be ignored is this:
A software should NEVER permit anyone to change the password without first typing in the OLD password as confirmation. This is why web services ALWAYS ask you to confirm your OLD password before changing your password even though you're already logged in.
Even if I were to have physical access to your computer, I shouldn't be able to change that Apple ID password without confirming your old password, period. That's a security oversight and should be fixed. Arguing physical access is required is moot, since this is a fundamental decision flaw in security.
An interesting point. Because it is beta, I am more inclined to essentially "not blame" them for this. On the other hand, I cannot think of a single service out there that doesn't require a re-entry of the password to change it, even if already logged in. Period.